Court Conn: A ‘no’ vote on TIF request is a ‘no’ for downtown Springfield

Friday

Jan 12, 2018 at 8:01 PM

As a fellow business owner who has invested in downtown Springfield, I'm asking the members of the city council to support a request for Tax Increment Finance funds from Bright New Day Investments so Rick Lawrence can complete the massive downtown redevelopment project of three historic buildings at the corner of Sixth and Monroe streets.

I grew up downtown when my father owned and operated four restaurants at one time, all within three blocks of each other at the city's center. That was a time when downtown was thriving, full of businesses and people. Today, the Conn family owns and operates four businesses in the downtown area and has firsthand experience with TIF and the challenges of redeveloping old, blighted buildings.

I believe Bright New Day Investments is a textbook project for why TIF was created. I recognize that mistakes have been made during the rehab and that project costs have gotten out of control. However, Mr. Lawrence has admitted his failures. He is working on satisfying payment issues and he welcomes oversight of the project by a third party. Before taking on this massive redevelopment, the city had literal blight with the historic buildings sitting vacant, generating close to nothing in property taxes.

We should ask ourselves if it would be better overall for the city to have three newly renovated buildings adding to the aesthetic of the environment and contributing to the real estate and sales tax base — or instead have more abandoned buildings or potential parking lots. I know what my preference would be.

I recognize there is risk involved. Every venture has risk associated with it. However, the current partners involved, the bankers, the investors and the city all have put multiple hours, days and even weeks into mitigating potential risks. I believe these partners have incorporated enough checks and balances to avoid further cost overruns and payment issues. This group has been diligent in the details and is willing to hang their “names” on this project. This speaks volumes about their commitment and leadership.

I also understand the concerns about the project being sustainable in the long run. The investment the city would be making is in the rehabilitation of three buildings into housing apartments, retail and office space. If the market can bear the proposed rents, great! If not, rents will be adjusted by the market and only time will tell. More pointedly, if Rick can’t make it work in the end, someone else will. Regardless, the city will have three beautifully rehabilitated buildings contributing to the tax rolls, to a pleasant environment and to the vibrancy of downtown.

We need to learn from other cities that have been in or currently are in our situation. If necessary, we should use every available tool, whether that is TIF, historic credits, or tax abatements. Downtown Springfield needs more development. The Y-block is a perfect example of what can go wrong when development fails to pass approval of council. The blighted, abandoned eyesore is now one more piece of our city’s history lost. I encourage residents to attend Tuesday's city council meeting to show support for downtown, or contact their alderman to voice support for this project.

The decision aldermen make will dictate the message. A "no" vote would really be a "no" vote for the future of downtown. But approval of additional TIF dollars by the city council will send a strong message to developers considering future projects in downtown or the city.

It’s time to change the culture and business environment in the city, so please, let’s work together to better the community.

Court Conn is chairman of the board for Conn’s Hospitality Group in Springfield, which owns and operates the Inn at 835, Obed & Isaac's Microbrewery & Eatery, Wm. Van's Coffee and Merchant House. He can be reached courtc@connshg.com.

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